Shoprite misses sales target
Fin24 - Jul 17th, 08:59
Johannesburg - Africa's biggest grocer Shoprite [JSE:SHP] Holdings missed estimates with a 12.1% rise in full-year sales, reflecting a slowdown in spending that sent its shares sharply down on the Johannesburg bourse on Tuesday.
Shoprite said sales came in at R92.7bn in the year to end-June, below the R95bn rand mean estimate in a Reuters poll of 10 analysts.
"The growing pressure on consumers' disposable income reflects in the slow-down in sales in the South African supermarket division," it said in a statement.
After more than two-years as investors' favourites, retailers in South Africa are quickly losing their lustre as debt-fuelled consumer spending stalls.
Shares in Shoprite, which are down about 10% so far this year, skidded 5.5% to R180.64 by mid day trade, on course for their biggest daily decline in more than six months.
The stock would have to fall by another 11% to meet what Thomson Reuters StarMine estimates as a level that justifies Shoprite's most likely earnings trajectory over the next five years.From Fin24.com
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